What is your financial status for starting TTC?

posted 2 years ago in TTC
Post # 2
Member
409 posts
Helper bee
  • Wedding: October 2012

Think of generations before us, they had kids younger and with a lot less. You both have full-time jobs and I suspect health insurance, so in terms of providing for your children, I think you’re at a really good state. I don’t think you can ever feel ready (emotionally, physically and financially) to bring a new baby into your life. My DH and I own a home and an investment property, have savings to cover us for a few years, both with full-time jobs, no debt and we still discuss cutting back when we start a family. 

Post # 3
Member
3360 posts
Sugar bee
  • Wedding: December 2011

I don’t think the amount of debt matters so much, but rather whether or not you have the income to make your payments on that debt (and all other bills).  It sounds like you’re in a fine position to TTC, but it really comes down to what you and your DH are comfortable with.

FWIW, my DH and I are starting TTC in a few weeks – we do not own a home (and likely won’t for a few years), we have some credit card debt that will be paid off by the end of the summer, and we have a lot more student loan debt than you do.  But we have income to meet our debt and live comfortably, and we can provide for a baby’s needs.  That’s what matters to us.

Post # 4
Member
8425 posts
Bumble Beekeeper
  • Wedding: April 2013

My husband and I weren’t actively trying to TTC, but we got surprise twins coming in a few months lol.  We own our house, have no student loans, no car loans, have 8-10 months of emergency savings, great health insurance, and I can be a SAHM.  I agree with PPs though, as long as you can comfortably afford paying off your debts, providing for your child’s needs and you’re both mentally/emotionally ready, I think you’ll be fine.

Post # 5
Member
4677 posts
Honey bee
  • Wedding: August 2012

I agree with what both PP’s said about never fully feeling ready, and being in a comfortable spot.  We are currently TTC.  I am not working. I cannot work this fall due to student teaching so I can finish my certification.  My husbands job is very stable, and as long as we are being careful, we can both comfortably live within what he brings In.  We still have about $30,000 in student loans to pay off, and have little credit card debt.  We also own our home, as well as an investment property (aka, the guys living upstairs).  We are in our early 30’s, and if we waited till we were in the ideal financial and employment situation, we would be gambling with fertility issues.  

My parents didn’t have as much as we have when they had my sister and I, and I see tons of people having children, in loving families, have children and thrive every day.  I am not worried about finances so much.  We can easily live within our means, and when we have a baby we will reevaluate our means and make adjustments.  

Post # 6
Member
739 posts
Busy bee
  • Wedding: October 2013

nutmeg5512:  The bottom line here is it’s all relative and you have to do what’s right for you and your DH in your relationship. It sounds to me like you’re in a good position to be ready to start a family. If the two of you feel ready, then go for it. As everyone always says, there’s no perfect time to start a family. 🙂 best of luck to you and your husband!

Post # 7
Member
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Can you afford all of your cirrent bills on 1 salary or all of your current bills + daycare costs (about $1200-1500/month for a daycare center in my area)? And by “afford” I mean “be able to pay the bills, still save 10% of your salaries for retirement, still put $400 or so in the bank each month for short term savings/the washer needs replaced and we hadn’t planned on that expense savings, and be able to buy food/ put gas in the tank/ perform other basic life functions”. That, to me, is what matters most.

Post # 8
Member
1679 posts
Bumble bee
  • Wedding: October 2013

I think it depends on how you plan to raise your child….will you work full time? If so, can you afford day care & your bills on your and your DHs salaries? If you want to be a SAHM, can you afford all bills on just your DHs salary? Like PP’s have said, they say you’ll never really be “Ready” but Im of the camp that thinks its smart to try to plan as best as possible. Having a child without considering the financial impacts seems irresponsible.

My goal is to be (at least) a part time stay at home mom for at least a year. We just paid off our CC debt & are now working on paying off my DH’s car. We have a little bit of savings, apart from 401k/IRAs. I have student loans but the payments are low enough not to really worry about them being a huge impact to us ($140/month). We bought a house last year and thats the biggest bill we have & the only one that will really make or break me staying home. We are planning to start trying in November. It has really helped us to put every penny on paper. We have a pretty strict budget that includes a monthly “allowance” for both of us. Other then that allowance, every penny is accounted for! That way, we can really see what we can afford in terms of my working or not.

Post # 9
Member
1473 posts
Bumble bee

Will you be able to continue to live where you are and how you are once the baby is born? I’m in Canada and will take a full year off with our baby. I will be paid a portion of my salary, but not 100%. 

We have a house, both have jobs and have a good amount in savings. Right now, both our first paychecks of the month go towards bills and grocerues 100%. The last paycheck is usually leftover for whatever we want. So we will get by if I’m at 50% of my salary (I don’t know how much I’d get as we’re not TTC yet). The savings is there to dip into if we get into trouble, but unless something disasterous happens with the house, I think we’ll be fine.

Post # 10
Member
291 posts
Helper bee
  • Wedding: April 2014

My dad always said, “If you wait til you can afford kids, then you will never have kids.”

…he is a father of 4, owns his own business and does VERY well.

You dont want to be irresponsible, but i don’t think anyone will ever feel financially ready.

Post # 11
Member
866 posts
Busy bee
  • Wedding: September 2015

nutmeg5512:  by $10,000 in savings do you mean a general savings account? Do you have a 401k and/or any other investments? If not I highly reccomend putting a plan together for your retirement before you start TTC. 

Post # 12
Member
886 posts
Busy bee
  • Wedding: June 2013

nutmeg5512:  I honestly don’t know many people who were officially 100% financially sound when TTC.  I only know of one couple and they were in there late 30s/early 40s so they had many years to establish themselves before even meeting/getting married/TTC. I think first things first … make sure you can afford to pay all your bills and still put away a decent amount in your savings account each month before TTC. If you can’t afford the basics before baby it will only make things extremely difficult once a baby is thrown into the mix … do-able with lots of sacrafice of course but much much harder. Second look into your health insurance. Does your plan have a deductible? co-payments? how much must be met before insurance kicks in and whats covered or not covered? does it cover the cost of breast pump (if you choose to go this route)? how much of labor/delivery will be covered and what will I be responsible for? if baby was to godforbid require NICU how much would be covered and what will I be responsible for? My advice would be to look into those two major things (finances and health care). Good luck on your TTC journey it’s a somewhat scary but exciting ride!

Post # 13
Member
1107 posts
Bumble bee

nutmeg5512:  It sounds like you are in a bit of a similar financial situation to me and my husband. We both work (he full time and I part time). We actually don’t own a house though – so good for you! We rent from a lovely elderly couple. We only have about $6k in savings. The only debt we have is about $30k left of student loans to pay. No consumer debt, our cars are paid off, etc. 

We decided to start TTC next month (!!!) after much deliberation and feeling like we should save up more money first. My parents have been very encouraging, and so have other family members. They have assured us that when you are emotionally and mentally ready (as a couple), everything will fall into place. You will MAKE it work. I believe them!

If you ever want to private message me, I have tried to do a TON of research about how to lower costs in certain areas we need to, etc. I can really relate to your post though, and I hope that you find comfort and peace in whatever decision you make! I actually made a post on here a few months ago detailing our financial situation and asking other bees for advice on whether or not we would be okay to TTC. I ended up deleting the post because I was getting some pretty hurtful responses. Just know there will always be naysayers. But feel free to message me if you want. 🙂

Post # 14
Member
4029 posts
Honey bee
  • Wedding: December 2013

nutmeg5512:  DH and I are planning on TTC next summer and are in the process of building our savings and cutting excess spending to further build savings. I wouldn’t be too concerned about the student loans. As long as you can continue to pay your bills, childcare (if neither is staying at home after baby is born), and save for your future, then I say go for it when you feel ready! If you’re still hesitating because you just don’t feel like it’s quite the righ time, then by all means wait until you do. It never hurts to have more money saved. However, I’ve known a number of people who became pregnant by surprise and you know what? They may not have been as stable financially, but they sure as hell found a way to make it work and support and give their child a nice upbringing. Once you feel emotionally and mentally ready (and you are financially secure-which doesn’t necessarily mean debt free with a huge savings) that’s what I think is the best time. Good luck!

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